Welcome to our dedicated page for PRA Group news (Ticker: PRAA), a resource for investors and traders seeking the latest updates and insights on PRA Group stock.
PRA Group, Inc. (Nasdaq: PRAA) is a global leader in acquiring and collecting nonperforming loans. The company returns capital to banks and other creditors, helping to expand financial services for consumers in the Americas, Europe, and Australia. PRA Group is renowned for its comprehensive debt resolution services, providing a range of revenue and recovery solutions for business and government clients.
The company operates in two main portfolio segments: Core, which focuses on purchasing and collecting nonperforming loans that the original lenders have chosen not to pursue, and Insolvency, which deals with nonperforming loans involving customers in bankruptcy proceedings. Additionally, PRA Group offers fee-based services on class action claims recoveries in the United States.
With thousands of employees worldwide, PRA Group collaborates closely with customers to help them resolve their debt, fostering a spirit of cooperation and financial improvement. The company's commitment to excellence has earned it numerous accolades, including recognition as one of Fortune's 100 fastest-growing companies for three years and Forbes' Best Small Companies in America for eight consecutive years since 2007.
In line with its commitment to diversity and inclusion, PRA Group has launched several Employee Resource Groups (ERGs) to support its workforce. Noteworthy among them is the Black Excellence ERG, which celebrates and embraces Black culture globally. This ERG, along with others like Women in Business Advocates and the Mental and Emotional Well-Being ERG, underscores the company’s dedication to creating an inclusive environment.
Recent achievements include the financial results for the fourth quarter and full year of 2023, where PRA Group reported strong performance in its European sector and significant strides in improving its U.S. operations. The company purchased portfolios worth $285 million in the fourth quarter alone, demonstrating robust growth and investment discipline.
For those interested in the latest developments, PRA Group consistently updates its stakeholders through news releases and financial reports. Notable announcements include the appointment of Steve Macke as Global Operations Officer and the successful launch of the ¡Hola! ERG, aimed at supporting Hispanic and Latino employees.
For further information, visit their official website at www.pragroup.com or follow their latest news and updates.
PRA Group, a global leader in nonperforming loan acquisition and collection, launched its Pride Alliance Employee Resource Group (ERG) on June 27, 2024, during Pride Month. This ERG aims to support LGBTQ+ employees, allies, and advocates by fostering an inclusive environment. The group is the fifth ERG in the company's U.S. operations and the third with a global reach. Senior Vice Presidents Kim Carr and Leigh Bates will serve as co-sponsors. The virtual launch event was attended by over 70 employees and included discussions on volunteer opportunities and educational resources. PRA Group's other ERGs focus on women's advocacy, well-being, Black excellence, and Hispanic/Latinx community support.
This May, PRA Group (Nasdaq: PRAA), a leader in nonperforming loan acquisition and collection, launched the ¡Hola! Employee Resource Group (ERG) to support Hispanic and Latino employees. The ¡Hola! ERG is the fourth ERG in the U.S. and the second globally for PRA Group. The group is co-sponsored by Giovanna Genard, VP of Global Communications, and Victor Andrade, SVP and Chief Software Engineering Officer, with six additional leaders. The virtual launch celebrated Hispanic heritage and included 60 global employees. PRA Group's other ERGs focus on Women in Business, Well-Being, and Black Excellence. These initiatives aim to foster inclusivity, professional growth, and community engagement within the company.
PRA Group (Nasdaq: PRAA) has appointed Dr. Marcel Köchling as European Investments Officer, effective immediately. Köchling, with over 12 years at PRA Group and a doctorate in business administration, will also remain the managing director of PRA Group Deutschland GmbH. This role was previously held by Owen James, now the Global Investments Officer since April 2023. Köchling was the regional acquisitions director for Central and Southern Europe and has significantly contributed to the nonperforming loans sector. PRA Group's European operations are crucial, comprising over 50% of the company's estimated remaining collections (ERC), with over $2 billion invested across nine European markets in the last five years. Köchling will also join the European Leadership Team.
PRA Group announced the pricing of $400 million in 8.875% Senior Notes due 2030, set to close around May 20, 2024. The notes, offered privately to qualified institutional buyers, are aimed to repay $396 million in outstanding borrowings under the North American revolving credit facility. Subsequently, the company plans to use this facility to redeem $298 million of its 7.375% Senior Notes due 2025, along with accrued interest, by September 1, 2024. The notes will be guaranteed by PRA Group's existing and future domestic subsidiaries under the North American Credit Agreement.
PRA Group (Nasdaq: PRAA) announced a proposed offering of $400 million of senior notes due 2030 in a private transaction exempt from Securities Act registration. The notes will be guaranteed by the Company's existing and future domestic subsidiaries under its North American Credit Agreement.
The proceeds, estimated at $396 million, will be used to repay borrowings under the North American revolving credit facility. Additionally, around September 1, 2024, the Company plans to use the revolver borrowings to redeem $298 million of 7.375% Senior Notes due 2025 and pay accrued interest.
The offering targets qualified institutional buyers and certain international persons under Rule 144A and Regulation S of the Securities Act. This announcement does not constitute an offer to sell nor a solicitation to buy these securities.
PRA Group announced the nomination of Dame Jayne-Anne Gadhia to its Board of Directors. The nomination will be reviewed at the Annual Meeting of stockholders on June 13, 2024. Gadhia, former CEO of Virgin Money, has over 30 years of experience in major financial and tech roles, including as CEO for Salesforce UK and founder of fintech company Snoop. She currently chairs several respected boards and has held notable positions, including Women in Finance Champion. Gadhia has received numerous honors, including being appointed Dame and CBE.
PRA Group, Inc. (Nasdaq: PRAA) reported its Q1 2024 financial results, showcasing total portfolio purchases of $245.8 million, cash collections of $449.5 million, and estimated remaining collections of $6.5 billion. The company demonstrated a cash efficiency ratio of 58.0% and diluted earnings per share of $0.09. Total availability under credit facilities was $1.2 billion, with positive growth in cash collections and profitability across various regions.
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